Prime Commercial Site in Kuala Lumpurโs Golden Triangle Up for Sale, Ideal for Hotel Redevelopment
A strategically located freehold commercial site at 290 Jalan Raja Chulan in Kuala Lumpur has hit the market for RM65 million (approximately SG$20 million). With a land area of 20,309 sq ft, the asking price translates to about RM3,201 psf (SG$985 psf). The site, currently utilized as a car park, is being offered for sale as part of a portfolio reassessment by its owners, according to Hon Kah Yick, vice president of Master Real Estate, who is managing the listing.
Prime Location in Kuala Lumpurโs Golden Triangle
Situated within Kuala Lumpurโs Golden Triangle, the site is surrounded by major commercial office buildings and hotels, positioning it as a high-potential location for a hospitality project. Notable nearby properties include Wisma Goldhill and Wisma MPL office buildings, along with hotels such as Holiday Inn Express and Parkroyal Serviced Suites.
The Golden Triangle area is renowned as Kuala Lumpurโs financial, shopping, and entertainment hub, extending from the junctions of Jalan Raja Chulan and Jalan Tun Perak in the southwest to Jalan Bukit Bintang and Jalan Tun Razak in the east. The site is less than 2km from Suria KLCC and just 900m from Pavilion Kuala Lumpur, making it attractive for business and leisure travelers alike.
Nearby Attractions and Vibrant Tourist Districts
This prime location is close to Changkat Bukit Bintang, a vibrant entertainment district that attracts a mix of locals and tourists with its upscale pubs and restaurants. The areaโs lively nightlife, historical charm, and contemporary offerings make it a popular destination, while Jalan Alor Food Street, less than 500m away, offers an exciting night market atmosphere filled with diverse food stalls.
Ideal for Hotel Redevelopment
According to Hon, the siteโs proximity to commercial and tourist hotspots makes it ideally suited for hotel redevelopment. With a plot ratio of 8, the property could potentially accommodate up to 252 hotel rooms across a 35-storey building, including a lobby and other facilities. This redevelopment plan, however, is subject to approval from local authorities.
Hon notes that there is already interest from established hotel operators ready to manage the site if it is approved for hotel redevelopment. โThe future owner can be linked up with hospitality operators who are well-established in the market,โ he said, emphasizing the potential for investors to enter Kuala Lumpurโs thriving tourism market.
Attractive Investment Opportunity for Singaporean Investors
The property presents a unique investment opportunity, particularly for Singaporean investors looking to expand into Kuala Lumpurโs hospitality sector. With a favorable exchange rate and relatively low entry costs, the total investmentโincluding land purchase and development costsโcould be less than RM200 million (about SG$60 million), making it an attractive prospect for establishing a high-quality hotel in a prime location.
โWith its redevelopment potential, strategic location, and partnership opportunities with experienced hotel operators, the site is poised to capitalize on Kuala Lumpurโs tourism sector, particularly in one of its most promising areas,โ Hon added.
For investors seeking to venture into the Malaysian hospitality industry, this site on Jalan Raja Chulan offers the chance to develop a landmark hotel property in the heart of Kuala Lumpurโs Golden Triangle, backed by both tourism appeal and significant growth potential.
